Strong property management expertise and local knowledge. Broad diversity of tenants, assets, and geographic markets. A focus on supply-constrained retail property markets. An aggressive, debt-financed growth strategy. Heavy ongoing financing and refinancing needs, and substantial noncancelable purchase commitments. Increasing exposure to new centers and less protected markets. The credit ratings on France-based Klépierre S.A. primarily reflect the company's: strong position and solid expertise in the ownership and management of shopping center galleries, most often anchored by food retailers; broad diversity of tenants, assets, and geographic markets; very high barriers to entry provided by generally tight regulations on new openings; and a not yet mature market, where shopping centers tend consistently to gain market shares over more traditional forms of retail
